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Here is what you need to know on Friday 13th March:
Friday 13th is rather fitting considering what just happened on Wall Street. The Dow plunged 10% in what was the worst drop since 1987's market crash amid the coronavirus fears. We also had the S&P 500 index and Nasdaq Composite fall into a bear market which officially ended an 11-year-old bull-market.
Investor sentiment has been crushed by the coronavirus that started out in Wuhan, China in December and yesterday's announcement by US President Donald Trump of a shutdown of travel from the EU for non-US citizens was the icing on the cake. Markets were hoping to an announcement of a stimulus package which never came, sending the market into a tailspin that was in some serious need of a show in the arm.
Then, the focus switch to the European Central Bank. The event disappointed markets as well and the euro sunk as equities continued to bleed out. Later in the day, whatever positives that could be drawn from the ECB’s move to lift asset purchases were overshadowed by the Ne York Fed’s huge open market operations as part of the Fed's USD1.5tn temporary boost to their Treasury purchase program. Consequently, the dollar sank which gave some relief to the euro and, briefly, to US indexes.